Letter from London: Aramco shows the West how to have it both ways
Saudi NOC has a clear strategy on energy security and the transition, providing a lesson to the often confused West
Saudi Aramco’s energy strategy should teach the West a lesson: invest in hydrocarbons now. Not only is oil and gas crucial for near- and medium-term energy security and affordability, there is also a huge amount of money to be made that can be put towards the transition. The oil and gas behemoth raised its capital spending by 18pc, to $37.6 bn, in 2022 and has issued guidance of $45–55bn in 2023 as it looks to add 1mn bl/d to its oil capacity by 2027 and to more than double its gas production by the end of the decade. Amin Nasser, head of the world's largest oil producer, has been repeating the same lines: the world is facing a major supply crunch as most companies are reluctant to go agai
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